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00:00:00
empty homes are piling up in John Joe China's heartland province of Hunan just a few years ago the city of ten million had one of the country's hottest property markets today the unsold spaces and Joan Joe are up more than twenty five percent from last year it's a problem felt around the country as China's economy slows and the government takes steps to make it harder to buy a house in order to prevent a bubble , John change one is living the nightmare scenario he runs an interior design business and as orders dry up a third of his income has disappeared some dialogue nowadays people have less money in their pockets so they don't want to spend as long as it's comfortable people don't care so much about things like style or color combinations , it was a very different story in twenty sixteen in a bid to get consumer spending the government made borrowing and credit easier that sparked a property frenzy across the country buyers from around China piled into junk show drawn by how cheap prices were out in the provinces new launches of apartments often saw units sold out within minutes , property sales woman John not remembers the good old days the ocearch initially a few years ago we didn't need to call clients they were chasing us calling us every day it was pretty easy to make money but now it's turned into a buyer's market the turning point for China's once sizzling housing market came in twenty eighteen and it hit young Joe particularly hard sales dried up and real estate investment in Henan province fell for the first time it all adds up to bad news for China's economic planners China is trying to hedge its bets in a time of uncertainty by spreading the economy away from rich coastal areas the local government is pitching in to try to get things moving again easing some restrictions on buying homes and scrapping price caps for new developments but economists predict the slowdown will last through twenty nineteen meaning grim prospects for young chose housing market as buyers hang on to their wallets and wait for better times ahead